Pawn shops are not a new idea. History shows that pawn lending has it's roots going back nearly 3,000 years! In the late 15th century, as the story goes, Queen Isabella of Spain pawned the crown jewels
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to finance Columbus' voyage to America. More recently, pawnshops were the number one source of consumer credit in the United States as recently as the 1950's.  
What is a Pawnshop?
A pawnshop is basically a retail store that is authorized to give short term cash loans, using your merchandise as collateral. Pawnshops offer a quick, convenient, and confidential way to borrow money. There is no credit check, and additionally no damage can be issued towards your personal credit history! Our customer would receive a percentage of retail price depending on such variables as age, condition, quality, and resalability of their merchandise. To redeem merchandise the customer must repay the principal borrowed plus a small service charge (ranging from 5%-20%). The loans may also be renewed if more time is needed to repay the loans, by paying the service charge prior to the loan expiration date (listed on front of pawn ticket).
Are Pawnshops Regulated?
Yes, State institutions have heavily regulated the pawn industry for decades, and Illinois pawnbrokers are licensed and regulated by local authorities as well. All pawnshops are subject to such laws as Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer. At the federal level, we are regulated by the Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, and Firearms and Explosives (ATF), and the Treasury Department.
How Many Pawning customer lose their merchandise?
The majority of pawn customers redeem their merchandise within the term of the loan. The national average shows 70 to 80 percent of all pawns are redeemed. Our average is slightly higher than this.
The merchandise that is not redeemed is considered forfeited, and must be sold at bargain prices to the benefit of our consumers.  
How is the value of Jewelry determined?
We test precious metals and diamonds to determine their value. We have a G.I.A. trained jewelry expert on staff that determines the current market prices to bring you the highest return on your valuables. Precious metal are also based on current market values, updated hourly to bring you the highest returns.
It is always in your best interest to bring along any documents, appraisals, and diamond certificates with you when pawn/sell your higher-end merchandise, as this validates any grading done by your appraiser.
How many items in a pawnshop are stolen?
Contrary to popular belief, pawnshops are actually the worst place to sell stolen merchandise. In fact, less than 1 percent of stolen goods ever end up in a pawnshop. Every item that is taken in, is reported on a daily basis, to local and federal law enforcement officials. Additionally, an ID is required by anyone pawning or selling goods.


                                                Kula's Jewelry & Loan
                                                  174 N. Chicago St.
                                                    Joliet,IL 60432
                                                   (815)723-5555